Crypto scam: Vietnamese police arrest 5 in crypto fraud ring

Vietnamese police have dismantled an international crypto fraud network, arresting multiple suspects for swindling billions of VND from Vietnamese citizens. 

The operation, led by criminals working from the Laos’ Golden Triangle Special Economic Zone, involved scams enticing victims into fake romantic relationships and fraudulent crypto investments, according to local news outlet Thanh Niên.

On October 4, authorities from Nghe An, Vietnam, reported that five Vietnamese suspects were arrested for their involvement in the scheme. Two of the five individuals were young — aged 21 and 22.

Starting in September 2023, these individuals lured victims into investing in a fraudulent platform called “Biconomynft,” amassing over 17.6 billion VND (approximately $710,000).

One victim was defrauded of more than 1 billion VND ($40,000).

Pig-butchering and romance scams

Romance scams, often dubbed as pig butchering scams, involve fraudsters befriending victims under the pretense of a potential love interest or friendship. 

In these scams, fraudulent actors gain the trust of their victims and convince them to make large investments in seemingly lucrative schemes. Once persuaded, victims are lured into investing in a promising cryptocurrency opportunity.

However, the scammer typically has no intention of providing any returns and vanishes with the money.

In this case in Vietnam, the suspects used social media accounts to build relationships with victims, eventually convincing them to invest in their fake crypto app. 

After the arrest of two individuals, police expanded the case, apprehending three additional individuals. All suspects face charges of fraud and are in custody pending further investigation.